Unity Bank unveils digital platform to promote financial inclusion

The Unity Bank Plc, on Monday, unveiled GenFi, a new digital banking platform, tailored to empower kids and teenagers between the ages of eight and 18 with essential financial skills.

The acting Managing Director/Chief Executive Office of the bank, Mr Ebenezer Kolawole, at the official launch in Lagos, said Genfi was inspired by the desire to nurture a financially savvy generation.

Kolawole said the launch followed a report by the Central Bank of Nigeria, which found that only 38 per cent of Nigerian adults were financially literate.

According to him, the alarming statistic underlines the urgent need for early financial education.

“GenFi is short for Generation Finance, and with this app, the bank is pioneering solution designed to empower children, teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a Personal Finance Management Solution.

“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy,” he added.

Kolawole said that GenFi aims to reverse this trend by offering young users the platform to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.

Also speaking, the Divisional Head of Retail and SME Banking of the bank, Mrs Adenike Abimbola, described GenFi as a financial product that goes beyond Banking.

Abimbola added that the initiative was designed to inculcate financial literacy skills amongst Nigerian children through an engaging and gamified platform.

“Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s why we created GenFi.

“It is not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age,” Abimbola said.

She added that the Genfi platform leverages behavioural science and gamification to make financial learning fun and practical.

Abimbola called on parents to monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.

“Imagine a 12-year-old setting a goal to save for a bicycle, not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” Abimbola added.

Meanwhile, a student, Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”

Ajayi expressed confidence that the app would gain global reach and become popular among the target demographics.

Also, Sylvia Ezeora, a guest at the event, described the Genfi app as ‘user-friendly, educational, and motivational for children’.

Ezeora said, “beyond teaching financial literacy, the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility.”

Another guest and parent, Genevieve Adindu, commended the bank for the innovative solution.

According to Adindu, Genfi provides a modern, engaging approach to instilling saving habits early in life.

She said it replaces traditional methods such as the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education.

According to her, GenFi is positioned as a national benchmark for youth-focused digital banking, with the potential to drive economic inclusion and sustainability across generations.

The launch event was attended by key stakeholders from the education and finance sectors, technology partners, media, and young students who will be among the early adopters.